PIVALANI: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
PIVALANI
Largest movements
- Tangible fixed assets +€103,341
up €103,341 (+7964.7%), from €1,297 to €104,638
of which Land and buildings: +€103,859
- Cash -€11,381
down €11,381 (-24.6%), from €46,257 to €34,876
mainly Investment in fixed assets (net) (-€119,997) and Contributions, distributions and other (-€33,812)
- Receivables within one year +€3,548
up €3,548 (+50.0%), from €7,093 to €10,642
of which Other amounts receivable: +€2,595
- Deferred charges and accrued income -€1,687
down €1,687 (-9.6%), from €17,607 to €15,920
- Debts after one year +€96,598
new in 2025: €96,598
- Other debts -€10,363
down €10,363 (-23.5%), from €44,175 to €33,812
- Current portion of long-term debt +€5,375
new in 2025: €5,375
- Tax, wage and social debts +€1,748
up €1,748 (+16.9%), from €10,321 to €12,069
- Depreciation +€15,567
up €15,567 (+1429.0%), from €1,089 to €16,656
- Gross operating margin +€6,129
up €6,129 (+10.0%), from €61,132 to €67,261
- Financial charges +€2,551
up €2,551 (+116.4%), from €2,193 to €4,744
- Taxes -€2,243
down €2,243 (-17.3%), from €12,930 to €10,686
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €73,505 | €167,326 | +€93,821 | +127.6% |
| Fixed assets | 21/28 | €2,547 | €105,888 | +€103,341 | +4056.6% |
| Tangible fixed assets | 22/27 | €1,297 | €104,638 | +€103,341 | +7964.7% |
| Land and buildings | 22 | - | €103,859 | +€103,859 | |
| Furniture and vehicles | 24 | €1,297 | €779 | -€518 | -39.9% |
| Financial fixed assets | 28 | €1,250 | €1,250 | = | 0.0% |
| Current assets | 29/58 | €70,957 | €61,438 | -€9,519 | -13.4% |
| Amounts receivable within one year | 40/41 | €7,093 | €10,642 | +€3,548 | +50.0% |
| Trade receivables | 40 | €162 | €1,115 | +€954 | +590.1% |
| Other amounts receivable | 41 | €6,932 | €9,526 | +€2,595 | +37.4% |
| Cash at bank and in hand | 54/58 | €46,257 | €34,876 | -€11,381 | -24.6% |
| Deferred charges and accrued income | 490/1 | €17,607 | €15,920 | -€1,687 | -9.6% |
| Total equity and liabilities | 10/49 | €73,505 | €167,326 | +€93,821 | +127.6% |
| Equity | 10/15 | €18,600 | €18,600 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Amounts payable | 17/49 | €54,905 | €148,726 | +€93,821 | +170.9% |
| Amounts payable after more than one year | 17 | - | €96,598 | +€96,598 | |
| Financial debts | 170/4 | - | €96,598 | +€96,598 | |
| Amounts payable within one year | 42/48 | €54,879 | €51,434 | -€3,445 | -6.3% |
| Current portion of amounts payable after more than one year | 42 | - | €5,375 | +€5,375 | |
| Trade debts | 44 | €383 | €179 | -€204 | -53.3% |
| Suppliers | 440/4 | €383 | €179 | -€204 | -53.3% |
| Taxes, remuneration and social security | 45 | €10,321 | €12,069 | +€1,748 | +16.9% |
| Taxes | 450/3 | €10,321 | €12,069 | +€1,748 | +16.9% |
| Other amounts payable | 47/48 | €44,175 | €33,812 | -€10,363 | -23.5% |
| Accrued charges and deferred income | 492/3 | €26 | €694 | +€668 | +2548.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,089 | €16,656 | +€15,567 | +1429.0% |
| Other operating charges | 640/8 | €841 | €1,408 | +€567 | +67.5% |
| Gross operating margin | 9900 | €61,132 | €67,261 | +€6,129 | +10.0% |
| Operating profit (loss) | 9901 | €59,202 | €49,198 | -€10,005 | -16.9% |
| Financial income | 75/76B | €95 | €44 | -€51 | -53.5% |
| Recurring financial income | 75 | €95 | €44 | -€51 | -53.5% |
| Financial charges | 65/66B | €2,193 | €4,744 | +€2,551 | +116.4% |
| Recurring financial charges | 65 | €2,193 | €4,744 | +€2,551 | +116.4% |
| Profit (loss) for the period before taxes | 9903 | €57,105 | €44,498 | -€12,606 | -22.1% |
| Income taxes | 67/77 | €12,930 | €10,686 | -€2,243 | -17.3% |
| Profit (loss) for the period | 9904 | €44,175 | €33,812 | -€10,363 | -23.5% |
| Profit (loss) for the period to be appropriated | 9905 | €44,175 | €33,812 | -€10,363 | -23.5% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.